2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCC, Exams of Nursing

Download 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCC and more Exams Nursing in PDF only on Docsity! 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED A. where the titleholder resides B. where the titleholder has legal residence C. at the county clerk's office where the property is located D. at any county clerk's office in Texas -answer- C. at the county clerk's office where the property is located A person appointed by a court to settle the estate of a deceased person when the executor cannot perform or refuses to perform is: A. another executor B. a legatee C. an administrator D. a devisee -answer- C. an administrator What is an abstract of title? A. title insurance B. a history of all recorded activity affecting a parcel of real estate C. a judgment on real property D. a patent -answer- B. a history of all recorded activity affecting a parcel of real estate 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED A title insurance policy in favor of the mortgagee will insure the: A. owner B. buyer C. buyer and seller D. lender -answer- D. lender A chain of title shows the linkage of property ownership that connects the present owner to the original source of title. In most cases it starts with: A. ownership from 1955 B. chattel C. a suit in federal court D. the original grant of the land from the government to a private citizen -answer- D. the original grant of the land from the government to a private citizen A handwritten will signed by the testator but not witnessed is known as a(n): A. nuncupative will B. holographic will C. oral will D. formal will -answer- B. holographic will A voluntary gift of private land to the public is known as: 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED A. Buyers Land Protection Act B. Interstate Land Sales Full Disclosure Act (ILSFDA or LISA) C. Federal Land and Housing Act D. Texas Public Ownership -answer- B. Interstate Land Sales Full Disclosure Act (ILSFDA or LISA) The trustee in a deed of trust: A. writes the contract for the buyer. B. shows the property to the buyer C. forecloses on the property in the event of default. D. collects the monthly payments. -answer- C. forecloses on the property in the event of default. Removing the original borrower's name from the note and substituting the new buyers name is called: A. novation B. substitute C. covenants D. subdividing -answer- A. novation The right to redeem the property before a mortgage foreclosure sale is called: A. equitable redemption B. buyer redemption C. statutory redemption 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED D. never used in Texas -answer- C. statutory redemption 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED The Texas Bootstrap Loan Program is a self-help housing construction program for very low-income families. A. True B. False -answer- A. True The Federal Reserve Bank: A. is the most common bank seen in most cities. B. was created to provide the nation with a more stable monetary and financial system. C. provides loans to most residential home buyers. D. was created in 2013. -answer- B. was created to provide the nation with a more stable monetary and financial system. FHA loans are and VA loans are . A. insure by the Federal Housing Administration------------guaranteed by the Department of Veteran Affairs. B. backed by conventional banks---------backed by commercial banks C. only for people with children-------------only for people without children D. farm loans ------------ lake loans -answer- A. insure by the Federal Housing Administration ----------- guaranteed by the Department of Veteran Affairs. A mortgage that includes real estate and personal property is a: 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED title while the owner owned the property. 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED A. General Warranty Deed B. Special Warranty Deed C. Bargain and Sale Deed D. Quitclaim Deed -answer- B. Special Warranty Deed A is created by using the words "love and affection" as the consideration for the deed. A. Consideration Deed B. Correction Deed C. Guardian Deed D. Gift Deed -answer- D. Gift Deed What a person has seen, heard, or read concerning the property is: A. actual notice B. constructive notice C. due within one year D. due within 30 days -answer- A. actual notice The index lists in alphabetical order all sellers named in the documents recorded in a year. A. grantor 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED B. grantee 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED A. ABC Title in a trust account B. Seller in their bank account C. Buyer in a saving account D. An attorney for the seller and buyer -answer- A. ABC Title in a trust account Prorations of items in real estate closings are made usually as of the date of: A. recording the deed B. the mortgage payment C. buyers' walkthrough D. closing -answer- D. closing The term BEST describes a tenant's interest in the property under a lease is a: A. life estate B. reversionary interest C. remainder interest D. leasehold estate -answer- D. leasehold estate The borrower is required to be notified when the note is sold and the servicing rights are not sold. A. True B. False -answer- B. False 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED The premiums for the title insurance policy are set by the A. Title Company B. Texas Department of Insurance C. State Department of Premiums D. Texas Real Estate Commission -answer- B. Texas Department of Insurance A statutory year has days and each month has days. A. 365-------31 B. 365-------28 C. 360-------28 D. 360--------30 -answer- D. 360-------30 When a property has become uninhabitable and the landlord has refused to repair the property the tenant may file a A. constructive eviction B. foreclosure against the owner C. judicial eviction D. must stay in the property until lease is up -answer- A. constructive eviction The legal description that uses distance and direction to describe the shape and boundaries of a property is: 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED A. rectangular survey system 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED A. term loan B. straight loan C. amortized loan D. loan point -answer- C. amortized loan Zoning is enforced by A. lenders and appraisers B. streets and roads C. building permits and building codes D. neighbors -answer- C. building permits and building codes Graduate, Realtor Institute (GRI) is a designation presented by A. NAR B. TAR C. TRELA D. IREM -answer- A. NAR The CPM designation is presented by: A. IREM B. NAR-National Association of Realtors 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED C. TREC-TEXAS REAL ESTATE COMMISSION 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED D. TAR-Texas Association of REALTORS -answer- A. IREM - Institute of Real Estate Management Which of the following is not an approach in the appraisal of real estate? A. income approach B. market comparison approach C. cost approach D. projected gross approach -answer- D. projected gross approach A mortgage broker: A. arranges loans between borrowers and lenders B. is a lender C. buys mortgages in the secondary mortgage market D. buys mortgages and resells them at a profit -answer- A. arranges loans between borrowers and lenders The loan that requires regular equal payments of sufficient size and number to pay all interest and principal by the end of the loan is: A. a term loan B. a balloon loan C. a one-time payment loan D. an amortized loan -answer- D. an amortized loan 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED C. blanket mortgage 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED D. equity mortgage -answer- A. reverse mortgage The owners of a cooperative estate hold shares of stock in the cooperative and are issued a: A. proprietary lease B. gross lease C. seller's list D. buyer's list -answer- A. proprietary lease All Fair Housing laws apply to properties for lease as well as properties for sale. A. True B. False -answer- A. True At the closing A. all documents will be signed B. all doors and windows must be locked C. seller will receive the sales price for the property D. both A and C -answer- D. both A and C Possession of the property will be given to the buyer when: A. the seller signs the contract 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED B. the buyer offers earnest money 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED A. only the top 20% of the sales price B. 100% of the sales price C. 100% of the loan amount D. only the top 20% to 25% of a loan -answer- C. 100% of the loan amount Foreclosure sales are held in each county in Texas on the first Tuesday of each month between 10 a.m. and 4 p.m. How many sales would be held in Travis County in one year? A. 12 B. 30 C. 52 D. 365 -answer- A. 12 A person who leaves no will dies . A. probate B. testate C. codicil D. intestate -answer- D. intestate what is a historical summary of all consecutive grants, conveyances. wills, records, and judicial proceedings that affect the title to a particular property called? A. Deed B. Survey 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED C. Lien 2023 TEXAS PRINCIPLES OF REAL ESTATE II FINAL EXAM: QUESTIONS & ANSWERS LATEST UPDATE SUCCESS ASSUARED D. Abstract -answer- D. Abstract ... is section of the internal U.S. Internal Revenue Service Code that allows investors to defer capital gains taxes on any exchange of like-kind properties for business or investment purposes. A. Section 1031 Exchange B. REIT C. LISA D. Form 1040 -answer- A. Section 1031 Exchange ... has unity of time, unity of instrument of deed, undivided shares or identical interest measured by duration, unity of right of possession to the whole, and is not able to pass on the right to heir, but the ownership passed to the surviving tenant. A. Tenancy in common B. Joint tenant C. Partnership D. Corporation -answer- B. Joint tenant Syndicates rules and regulations are governed by... A. Texas Real Estate Law B. The Securities and Exchange Commission. C. Local Regulations D. IRS Codes -answer- B. The Securities and Exchange Commission. Bill and Jenna are getting a $175,000 loan at 7.5 percent and will pay 2 discount points. What will the point cost be? A. $3,750